We M/s
………..………………………………………………………………………….. (Importer) are jointly and severally bound
to the President of India in the sum RS.___________________ (Rupees
____________________________ Only) well and truly to.

be paid to the
President of India for which payment we jointly and severally bind ourselves
and our legal representatives by these presents.

Sealed with our seal this DAY OF, 2014.

The above
bonded we M/S._____________________________________ having applied to the
Joint. Commissioner of customs for bond, Visakhapatnam and obtained an order
permitting the deposit in Custom Bonded Warehouse, Visakhapatnam for a period
of 12 months from the date of the said permission, the under mentioned goods
that is to say.

Imported by sea per
M.T. ” ” and entered in the Customs House
Books as per No. of the Register
of goods imported by sea.

Contd.... P/2

:: 2 ::

The condition of this Bond is THAT

If the above bounded (importer or their legal
representatives)

a)Shall observe all the provisions of the Customs Act (52 of 1962) in
respect of the above mentioned goods.

Shall pay to the Officer Incharge of the Customs House at
the Port of Visakhapatnam on or before the date specified in the notice of
demand all duties, rent and charges or before the date specified in the notice
of demand all duties, rent and charges claimable to account of the above
mentioned goods, under the said Act together with interest on the same from the
date so specified at the rate of 24% per annum or such other rate (s) as is for
the time being fixed by The Central Board of Revenue Act 1963 (hereinafter
called the Board) and

b)Shall discharge all penalties incurred for violation of the provisions
of the said Act and the rules and regulations in months from the date of said
order permitting the deposit of the goods or within such further times as may
be extended by the commissioner of Customs, VISAKHAPATNAM or by the Board, as
the case may be a specific request made in this behalf.

AND, if within the
period so fixed or extended, the said goods or any portion thereof having been removed
from the said warehouse for home consumption, or re-exportation by sea, the
full amount of all duties, rent and other charges claimable as aforesaid and
the said interest, and penalties shall have been first paid and discharged on
the whole of the said goods then this obligation shall be void and of no
effect, but otherwise, and no breach or failure in the performance of any part
of this condition of the same shall be and remain the full force, effect and
virtue. It is hereby agreed that any
amount that is due from us under this bond may be recovered in the manner laid
down in sub-section (1) of Section 142 of the customs Act (52 of 1962).

The goods are not mortgaged anywhere. We do hereby declare that the goods mentioned
herein have not been sold or mortgaged any-where. We hereby under take to stand surety for the
Importers of the above executed bond and in the event of default we will held
and firmly bonded to pay to the President of India in the above mentioned
amount and to fulfil the terms & condition of the bond.

Signed and delivered by us Signature
of the Surety

Within name in the presence of

SURETY:

WITNESS:

1.

2.

KNOW all men by these presents that we M/s
……………………………………………… hereinafter called the “Importers” (which expression shall
include) its successors/heirs, executors, administrators and Legal
Representative (which expression shall include) his successors and assigns in
the sum of RS.___________________ (RUPEES_________________________________________
_____________________ ONLY) be paid to the president for which payments will
and truly to be made we bound ourselves our successors, heirs, executors,
administrators and legal representatives firmly by these presents.

SEALED
WITH OUR SEALS THIS DAY OF
……………, 2014.

WHEREAS
The Asst. Commissioner of Customs, VISAKHAPATNAM (hereinafter called the Proper
Officer) agreed to make provisional assessment of the goods described in the
schedule appended in page 3 imported by the Importer, pending submission of
further documents and further furnishing information and/or completion of
further inquires and/or chemical or other test and the proper officer has
agreed to allow clearance of the goods subject to the importers providing
satisfaction of proper officer that the Import Trade Control License under OGL
APP 5 PART A SCT, 30 of ITC POLICY,1991-94 produced by the Importer is valid for and cover the
entire goods sanctioned in the schedule below, and upon the Importer agreeing
to furnish such bond as is herewith contained.

Contd.... P/2

:: 2 ::

NOW
the conditions of the above written bond is such that:

If
the Importer shall within one month from the date of Importation or within such
extended period as the proper officer may allow, produce such documents and
furnish such information as may be called by for the proper officer; and

If
the Importer pay to the President of India that difference between the duty
finally assessed and the duty provisionally assessed in respect of the goods
mentioned in the schedule below; and

If
the Importer deliver or cause to be delivered to the proper officer within one
month of demand being made by the proper officer valid import license referred
to in the schedule covering the entire goods mentioned in the schedule; and

If the Importer pay to the President any penalty and any
fine that may be adjudged in lieu of confiscation of the said goods for
importation of the goods or part thereof without a valid import license.

Then
the above written bond shall be void and of no effect otherwise the same shall
remain the full force and virtue. It is
also hereby agreed that if on finalization of assessment any differential; duty
is payable by the importers the same may be realized by debit the Importers
deposit account.

AND
it is hereby agreed and declared by the Importers as follows:

This
Bond is given under the order of the Central Government for the performance of
an act in which the public are interested.

The
President, through The Deputy Commissioner of Visakhapatnam or any other Office
may recover in the sum of RS._______________ (RUPEES ______________________

______________________________________________________________________________________________________
ONLY) in the manner laid down sub section (1) of the section 142 of Customs
Act, 1962 without prejudice to any other mode of recovery.

Contd.... P/3

:: 3 ::

1. BE No.
& Date :

2. I.G.M.NO. :

3. Name of the Vessel :

4. Description of goods :

5. Quantity :

6.Country of Origin :

7.Port of Shipment
:

8. Value of Goods :

9. Bond Value :

10.
Importers License No. :

In
witness where of the Import have herein set and subscribed there hands and
seals the day month and year first above written.

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Neetu Singh is the founder of
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.Neetu Singh holds an Engineering degree in Computer Science with MBA Degree in Finance and Human Resource (HR). Currently she is running a Global Manpower Consultancy.
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